Two major Malaysian and Japanese bidders have emerged as suitors for the remaining shares held by US-based General Electric in Bank of Ayudhya, Thailand's fifth-largest bank.
Reuters reported on Friday that the Malaysian sovereign wealth fund Khazanah Nasional Bhd intends to make an offer for GE's 25.3% stake, estimated to be worth US$1.8 million.
The Malaysian bid came as a surprise, said analysts. Khazanah would be going up against the Japanese banking giant Mitsubishi UFJ Financial Group (MUFG) in the quest to enter Thailand's thriving commercial banking sector.
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